Funding arb · Price arb /

ZETA

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Swap Backtest

Alert: funding

Alert: spread

Funding you earn now, next payment 22:00 UTC+0.0331%/8h= +36.3% APRpaid last 24h +0.033%

Price spread now: Hyperliquid against BloFin+0.300%87s7-day average +0.025% · you sell dearer than you buy

Net, funding: paid 7d − costs−$136as in the Funding arb table

Net, price: spread back to 7d avg − costs—prices read too far apart to compare

costs, in and out, $10k−$1041.039% of the position

Long on BloFin Short on Hyperliquid

What this pair did over the last

the charts below follow

Funding, last 7 days−0.326%−$33 on $10k

Price spread, last 3 days (all we have)−0.702%−$70 · spread now +0.300%, 7d avg +0.025%

Together, before fees−1.028%+ Points / potential airdropHyperliquid: Season 2 · farm board−$103 on $10k · with fees, hour by hour

Both sides work for this trade now. Funding pays +$10 a day on $10k at the current rate, and Hyperliquid is 0.275% dearer against BloFin than usual: you sell high and buy low: +$27 more if the spread goes back to its 7-day average of +0.025%. Mind the row above: over the last 7 days funding on this pair cost −0.326%, so the current rate has only just turned in your favour. The two prices were read 87 seconds apart, so part of this spread may be the market moving, not a spread.

Leg	Exchange	Price	Funding /8h	Each payment	Next in	OI	Vol 24h	Max lev
Long	BloFin ZETA-USDT	0.06002	−0.0231	get 0.0116% / 4h	2h 35m	$409K	$990K	50x
Short	Hyperliquid ZETA	0.06020	0.0100	get 0.0013% / 1h	35m 40s	$1.7M	$3.7M	3x

Funding history

latest

Range statsloading…

Price spread between the two exchanges

Hyperliquid against BloFin. Falling: the short leg gains. Rising: it loses.

latest

Price spreadloading…

Funding on every exchange

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latest

How often the price spread is this wide · share of time at each level, last 7D show

Profit calculator

Position, each leg$Hold fordaysFee BloFinbpFee HyperliquidbpOrdersPrice spread, now +0.300%Rate

Funding earned: $69.57
Price spread: +0.300% → +0.025%: $27.48
Slippage, 4 orders: −$82.91
Fee BloFin: 6 bp × 2 orders: −$12
Fee Hyperliquid: 4.5 bp × 2 orders: −$9
Net: −$6.86
Costs to cover: 1.039%
Break-even: 7.7 days

Slippage from BloFin: live order book, 51 min ago; Hyperliquid: live order book, 6 min ago.

Cost to enter

taker fee + slippage from the mid, one side; closing costs about the same again

Leg	Half-spread	$10k	$100k	$1M	$5M
Buy BloFin live order book, 51 min ago	3.22 bp	13.7 bp −$14	39.7 bp −$397	doesn't fit	doesn't fit
Sell Hyperliquid live order book, 6 min ago	4.15 bp	29.7 bp −$30	doesn't fit	doesn't fit	doesn't fit

ZETA on 13 venues

lowest funding first. Swap a leg: a good short leg pays more funding and is priced higher.

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Gate ZETA_USDT	−0.0744%	4h	0.06014	+0.200%	$606K	$9.4M	25x	as long as short
KuCoin ZETAUSDTM	−0.0508%	4h	0.06015	+0.217%	$1.1M	$5.1M	20x	as long as short
Kraken Futures PF_ZETAUSD	−0.0428%	1h	0.06011	+0.157%	$66K	$630K	10x	as long as short
BloFin ZETA-USDTlong	−0.0231%	4h	0.06002	long leg	$409K	$990K	50x
Binance ZETAUSDT	−0.0201%	4h	0.06020	+0.300%	$8.3M	$301.0M	50x	as long as short
MEXC ZETA_USDT	−0.0190%	4h	0.06016	+0.233%	$1.5M	$11.5M	50x	as long as short
BingX ZETA-USDT	−0.0162%	4h	0.06020	+0.300%	—	$6.7M	—	as long as short
OKX ZETA-USDT-SWAP	−0.0105%	4h	0.06019	+0.283%	$1.1M	$46.0M	20x	as long as short
Variational Omni ZETA	+0.0031%	4h	0.06016	+0.234%	$142K	$695K	—	as long as short
Injective ZETA/USDC PERP	+0.0033%	1h	0.06460	+7.631%	$1K	$5K	5.5x	as long as short

Show all 13 venues

Exchange	Funding /8h	Every	Price	Price vs long leg	OI	Vol 24h	Max lev
Hyperliquid ZETAshort	+0.0100%	1h	0.06020	+0.300%	$1.7M	$3.7M	3x
Bybit ZETAUSDT	+0.0100%	4h	0.06019	+0.283%	$5.3M	$77.7M	25x	as long as short
Bitget ZETAUSDT	+0.0100%	4h	0.06026	+0.400%	$2.1M	$57.2M	50x	as long as short